Abstract: This article explores the enforcement of arbitral awards under the legal framework of the China-Pakistan Economic Corridor (CPEC), under the Belt and Road Initiative (BRI). It highlights ongoing concerns about the protection of investors’ rights and Pakistan’s regulatory autonomy, stemming from the absence of a coordinated legal framework, enforceable treaty-based obligations, and transparent dispute-resolution mechanisms. Drawing on international practices, case law, and Pakistan’s emerging legal reforms—particularly the proposed 2024 Arbitration Act—this study identifies weaknesses in the current enforcement structure. The reforms about the dedicated tribunal for CPEC-related disputes, updated treaty clauses aligned with global norms, and stronger domestic legal oversight are advocated. This study offers a legal analysis of both investor confidence and the protection of sovereign policy space under international law. This also focuses on the implementation of a CPEC-specific investment court, modernised treaty provisions consistent with international standards, and robust judicial reforms for public accountability and legal certainty. Through comparative and doctrinal analysis, the article provides a comprehensive roadmap for reconciling the legal expectations of foreign investors with sovereign policy space in line with international investment law.
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TABLE OF CONTENTS: 1. Preface. – 2. Treaty-Based Enforceability of Investment Arbitral Awards. – 3. Enforceability under the ICSID Convention. – 4. Enforceability under the New York Convention. – 5. Definition between Commercial and Investment Awards. – 6. Implications for CPEC Disputes. – 7. Challenges of Enforcement in Pakistan’s Legal Context. – 8. Treaty Obligations and Dispute Clauses in CPEC Agreements. – 9. Comparative Analysis with other BRI Countries. – 10. Institutional Reform and the Case for a CPEC-Specific Investment Court. – 11. Implications for Sovereignty and Regulatory Autonomy. – 12. Pakistan’s Draft Arbitration Act and Domestic Legal Reforms. – 13. Conclusion.
